March 4, 2024
Toronto, ON – March 4, 2024 – A new study shows almost US$30 billion in risk capital has been invested in the last six years in AI-enabled cleantech solutions (“cleanAI”), with at least a US$138 billion capital deployment opportunity through 2030. The “Cleaning up with AI” baseline study was commissioned by newly launched Clean AI Initiative with primary research conducted by the Cleantech Group, the market leading research authority.
The emerging cleanAI sector is significant as it has the potential to mitigate up to 10% of global greenhouse gas emissions. CleanAI enables differentiated business models and data strategies with targeted applications, distinct from generative AI. Global demand for cleanAI is positioned for significant growth as the world addresses critical energy, food and water-related issues.
The countries currently leading in cleanAI innovation are the US, UK and Canada. CleanAI can support and accelerated transition to a net zero economy by, for example:
“Venture capital investment is a proxy indicator of where open, disruptive innovation is happening”, said Nicholas Parker, Founder of the CleanAI Initiative and father of the “cleantech” concept. “We’re excited by the potential for cleanAI to make a significant contribution to bending the decarbonization curve. Connecting a fragmented ecosystem and increasing public policy support will further accelerate AI’s positive clean economy impact. Incumbents are collaborating with AI-enabled cleantech innovators to develop new solutions, while governments are investing in AI research and development.”
“C-Suite and operational champions with domain expertise and the willingness to test new systems will be critical to scaling market adoption” said Nino Lazariia, Consultant at Cleantech Group and co-author of the report. “Other challenges include sparce or sensitive data for which data sharing standards should be developed, skills shortages which can be addressed by developing academic collaborations and upskilling, and the overarching influence of Generative AI for which differentiation needs to be clearly defined and articulated.”
CleanAI Initiative has launched to accelerate the transition to net-zero through applied commercialization of smart digital technologies. Clean AI Initiative aims to convene the ecosystem, provide novel research and insights to members, steward commercialization through innovation catalyst programming, and support innovators in achieving global scale through a purpose-built co-investment vehicle. Clean AI Initiative is based in Toronto, the birthplace of modern AI, and is the first global hub dedicated to this space; we invite you to join us.
Cleantech® Group is a research-driven company that helps corporates, public sector, investors and others, identify, assess, and engage with the innovative solutions and opportunities that are related to the world’s massive, and growing, environmental and climate challenges. Our insights and expertise are delivered to clients all over the world through our Research, Consulting, and Events. We have been the leading authority on global cleantech innovation since 2002.
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